re: Potential first time home buyer in search of any and all advice

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Jesus. Are you a single man? If I spent 10-15% on a home my wife would leave me. I might be able to hold down a Chili's hostess on that amount of my income spent on mortgage.

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Hint: it was a subtle brag about having a high salary

Im at 17% currently and will go as high as 20%. Dont feel comfortable anymore than that

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GenesChin

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deposits/withdrawals and have all your paperwork ready to go, you don't need a "respected mortgage broker"

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Can you point out where I said he "needed," a well-respected mortgage broker in the part you quoted? I didn't think you could, either. But let's keep playing. I'm bored.

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I went with an online mortgage company and the "respected mortgage broker" told me that if I felt comfortable doing it online he'd recommend it due to the HUGE SAVINGS

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Glad you found a great deal and had a good experience. You do realize that there are many factors that impact what kind of experience that is? The people you deal with online operate on a volume business. They make their money by closing a higher number of units in exchange for increasing the % of commission they're paid off of the total fees generated and the total value of the amounts financed.

This is a race to them. They're on their way to the next person if you say no. Sometimes, the great deal you get is indistinguishable from the next person's deal other than rate or terms. They could be willing to "slit their wrists," much like a car salesman, knowing that though the company may not make much money off the rate or the term, they'll be pushed over a commission tier with the unit as a whole or the fees generated, etc.

Meanwhile, the customer loves this.

But for someone whose never gone through the process of buying a home, I'd always, always, always suggest someone they can reach out and touch. Someone they can walk into the office and have a cup of coffee with. Someone whose been doing it in the area and has a track record.

But has anyone said-at any point-that they are always the best option? Or that they're the only way to skin a cat in town? Of course not.

I've been the guy over the phone from out of state. I've been the guy at his desk in his office right down the block. I've done them both at the same time. My process and the customer's satisfaction level with the process-not just the end result (which is what you're focusing and fixating on here)-was always consistently more satisfactory for them in my experience when they could put a face to the name and listen to explanations and come by to drop things off, BS or just sign disclosures.

I'll reiterate again that's not for everybody. But I got more referral business from folks that I worked with in person than I ever did over the phone or via an online lead my office paid for, and I prided myself on providing a consistent level of attention and work regardless of the type of lead or their location in proximity to mine.

Just hope you realize that-from someone whose done online, telephone and in-person books of business-in real life simultaneously, there is no such thing as a one-size-fits-all solution that meets everyone's needs in every situation.

I'm just recommending what worked best for my customers in terms of how positive they felt before, during and after. Which I quantify by continued friendships and especially repeat and referral business.

I will advise you as a wise man once advised me.... "If your first offer doesn't offend them at least a little bit, it was too high"

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Can you point out where I said he "needed," a well-respected mortgage broker in the part you quoted?

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Never said you did or you were wrong, just giving an alternative route that can lead to savings that was in no way mentioned. If you are giving a step by step guide it is definitely implied to be the go to route but that implication isn't important

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someone whose never gone through the process of buying a home, I'd always, always, always suggest someone they can reach out and touch. Someone they can walk into the office and have a cup of coffee with. Someone whose been doing it in the area and has a track record.

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Never said there is anything wrong with that, just that there are significant financial tradeoffs to have that available and people should be informed. Also, as a millennial, working via Internet portal/email and by phone is the preferred method. Many of the good local shops in town deal with fax/paper which may be a con

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But has anyone said-at any point-that they are always the best option? Or that they're the only way to skin a cat in town? Of course not. 

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Did I say that doing a volume online dealer was the best option? I just was pointing out that if you are looking for the best financial deal and have your house in order they are simpler than people think if you go to a well reviewed option

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I'm just recommending what worked best for my customers in terms of how positive they felt before, during and after. Which I quantify by continued friendships and especially repeat and referral business.

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Some people need their hand held through the process. That isn't a bad thing as it is a major financial decision most people have zero experience with.

If someone feels confident in their ability to handle their side of the mortgage, they should be aware of cheaper alternatives

I'll just summarize by reiterating my point, if you have your shite together a 'more' respected volume online mortgage broker can offer significant savings

As was pointed out, very very few people have their shite together to buy a house. If it is your first rodeo and you don't have shite together you can easily make it the more expensive option or even ruin your sale contract

Will need preapproval letter. 2 years tax returns plus credit score. That will determine what you lender will loan to purchase.

Depending on market and your knowledge of it, you may or may not need a realtor. If you are buying a house from a seller with an agent, my advice is get an agent that works for you.

Once you find a property and have a binding agreement, send that agreement with lending info to a closing attorney. You will have an inspection and appraisal contingency phase to complete. All that checks out, you close on the property and enter the wonder out world of home ownership.

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What's a gentrified area in Lafayette

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Not exactly "gentrified" but downtown has some cool old houses, as does the neighborhood Freetown. Some people are buying old dumps and renovating them. I used to live in Freetown and it was a great place to live. A little sketch sometimes though.

I got you covered in this dept. Just hit me up when you want to start looking at what you can afford. I got people on the inside. Appraisal, Agents and Inspectors

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Can you recommend one?

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I've done Consumer Direct and Sebonic for a refi.

I recommended Consumer Direct to my brother based on Patrick Moore the broker attached to both our loans. Closed in about 22 days (even when I had delays on items), he responded within 5 min to every email which I had a ton, always checked in with me to ensure I wasn't falling off schedule. My closing attorney even comments about how seamless working with my lender was


Rough Numbers Credit Score 720-739 (stupid 1.5 yr history)


CDMtg

Rate 3.775%
Lender Credit - Forget but there was money they gave me
Lender Fees - $350 appraisal only


Sebonic
Rate 3.625%
Lender Credit - ~$200
Lender Fees- $500 appraiser (rates sometimes differe zillow vs other so ask)



CDMtg vs Sebonic

Company wise, they use the same portal system and their process is the same. There are some fee differences and CDMtg is slightly more expensive but their lender credit was higher



The portal allows you to click to sign/esign documents extremely easy. Other documents you just scan and upload into there.